Updated lending criteria enable brokers to offer tailored solutions to a wider range of clients
Two lenders have introduced policy changes on their mortgage offerings, focusing on flexibility and inclusivity to better serve brokers and their clients.
Beverley Building Society has expanded its lending criteria to cater to non-UK nationals, enhancing its mortgage portfolio.
The lender now offers mortgages on residential owner-occupied properties with a maximum loan-to-value (LTV) ratio of 80%. Applicants are required to have a minimum of one year remaining on their visa, a UK bank account, and at least three years of UK residence.
Beverley’s new criteria include acceptance of EU nationals with Settled or Pre-Settled status, foreign nationals with the right to reside, and specified visa types such as the Skilled Worker Visa and Health and Care Worker Visa.
Meanwhile, digital lender Selina Finance has reduced its minimum loan size to £10,000 across its entire product range, targeting borrowers seeking funds for home improvements, debt consolidation, or short-term financial needs.
The lender has also simplified its credit assessment process by disregarding resolved County Court Judgments (CCJs) and defaults under £500. Additionally, Selina now allows applications with total CCJ or default balances exceeding £5,000 if consolidated, provided there are no new credit entries within the past 24 months under its Status 0 criteria, or up to one entry within the same period under Status 1.
Selina has streamlined its affordability assessments by limiting declared outgoings to essential expenses such as council tax, childcare, service charges, and ground rent. It also raised the debt-to-income threshold to 55% and removed certain buffers, aiming to simplify the overall process.
“Our latest updates are designed to give brokers greater clarity and flexibility while streamlining access to our products for their clients,” said Stacey Woods, head of intermediaries at Selina Finance. “By refining both our credit and affordability criteria, we’re able to offer more tailored solutions for borrowers who may have previously faced obstacles. This is a key step forward to making lending more accessible and hassle-free for all parties involved.”
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